Gov. Cuomo announced last week that he has proposed a new version of the education investment tax credit (EITC) that he hopes to have enacted into law before the end of the 2015 legislative session. He appeared with Cardinal Timothy Dolan on Long Island and in Buffalo to push the proposal.
The Governor proposed a version of the education investment tax credit in his Executive budget proposal earlier this year, where it was linked to the DREAM Act. Neither proposal was enacted into law.
The Governor said that his revised bill would offer three separate tax credits: one for individuals who donate money to private school scholarship funds; one to reimburse public school teachers for out-of-pocket expenses for classroom supplies; and one to offset private tuition costs for parents who also pay taxes that support public schools.
Gov. Cuomo said:
“Education is the greatest gift that a parent can give to their children – and it is also one of the most personal decisions that a parent can make. That’s why we need to support parental choice in education. By rewarding donations that support public schools, providing tax credits for teachers when they purchase classroom supplies out of pocket, and easing the financial burden on families who send their children to independent, parochial or out-of-district public schools, we can make a fundamental difference in the lives of students, families and educators across the state.”